Texas Regulators Enter Emergency Stop Against Crypto Mining Firm
The Texas State Securities Board issued an emergency cease-and-desist against a company it claims committed fraud in offering crypto mining contracts.
The $150 million bitcoin mine could become the world's largest – surpassing Bitmain's, whose own mega mining operation is in the same Texas town.
A vertically integrated startup has raised $30 million to bring bitcoin mining back to the U.S.
Potentially the world's biggest bitcoin mine, one still under construction, is said to have signed up two top corporate customers in the form of SBI Holdings and GMO.
Since launching a sweeping investigation of the crypto industry, the Texas State Securities Board has filed 24 administrative orders.
A new memo by the Texas Department of Banking notes that stablecoins may fall under the state's definition of "money" and therefore would be subject to money transmission laws.